Following the recent opening-up of Qianhai (an experimental financial zone in Shenzhen) and Wenzhou (designated as trial area for financial reform), the creation of Shanghai's free-trade zone trial confirms the commitment of Beijing's top leaders to continue pushing forth on its plans for eventual full yuan convertibility
and capital account liberalization, Ma and Qu said.
For Chinese investors, convertibility
is also clearly beneficial.
The bulk of the literature finds the causes of the Convertibility
crisis mainly in the overvaluation of exchange rates, fiscal indiscipline, and the mounting foreign debt, which were inconsistent with a sustainable fixed exchange rate.
measures are meant to convenience those tourists and Taiwanese traveling to China via the direct weekend charter flights.
Even the leading proponent of financial repression and its associated costs, McKinnon (1973, 1991) has argued that capital account convertibility
should come at the end of this process.
Even three years on, the legal uncertainty created by Argentina's abandonment of convertibility
has not yet been fully resolved.
of Twist-Lyte has been improved.
system had a floor under the BCRA's foreign reserve cover, but no ceiling, and the BCRA's net domestic assets were not frozen.
As for his political program, other than a promise to remove the "iron corsets" of convertibility
and foreign debt payments--two views, ironically, gaining ground among official circles as well--Farinello remains vague.
After unifying the dual exchange rates of the Chinese currency renminbi (RMB) and implementing a managed-float system on January 1, 1994, China formally committed itself to partial currency convertibility
, that is, currency convertibility
under the current account, in December 1996.
of these currencies with the French Franc (at a fixed parity) is guaranteed by the French Treasury.
I proceed comfortably to the concept of currency convertibility
without monetary restrictions, was pleased with uses of convertibility
, and readily agreed that the store of value was stronger in convertible holdings.